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Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn industrial internet has surged by 44% at its Shanghai IPO to reach a market capitalisation of $61 billion.  The 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.

” Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value “

Foxconn Industrial Internet is the subsidiary of Hon Hai Precision (Foxconn), the world’s biggest contract electronics manufacturer and a major supplier to Apple including the popular iPhone.  Founder Terry Gou had created Foxconn industrial internet to path a new chapter away from Foxconn’s main business on manufacturing electronics to leading global corporations.

Terry Gou, is a Taiwanese tycoon and billionaire with an estimated net worth of $8 billion, was born in 1950.  He founded Hon Hai Precision Industry Company in Taiwan in 1974 at the age of 24 with $7,500.  He grew the business into the world’s largest contract manufacturer of electronics that employs almost 1.2 million employees.

 

Source: Bloomberg, SCMP, Xinhua

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